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Heat is the tax every watt of AI pays, and since the 120 kW rack arrived, paying it means plumbing. This section reads best as a before/after story: fans everywhere in 2022, cold plates everywhere by 2025, and immersion waiting in the wings.

Start with these three

DT Direct-to-Chip Liquid Cooling Mandatory at the frontier since Blackwell. The technology remaking every hall. VE Vertiv The company the stock market treats as cooling's scoreboard. IC Immersion Cooling The step nobody's been forced to take yet — dunk the whole server.

Cooling technologies

5
DT Direct-to-Chip Liquid Cooling Cold plates on every die — mandatory at Blackwell rack densities. AC Air Cooling Fans, heatsinks and hot aisles — sufficient until ~40 kW per rack. CD Coolant Distribution Units (CDU) The pumps and plate exchangers marshaling megawatts of liquid loops. IC Immersion Cooling Whole servers submerged in dielectric fluid — density without limit, adoption with friction. RD Rear-Door Heat Exchangers Liquid-cooled doors that upgrade air racks without touching servers.

Cooling & thermal companies

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VE Vertiv The pure-play data-center infrastructure leader: cooling, UPS, busway. VRT AS Asetek The liquid-cooling patent pioneer, from gaming PCs to data centers. BO Boyd Thermal engineering at scale: cold plates, loops and heat exchangers. CS CoolIT Systems Cold plates and CDUs from the direct-liquid-cooling pioneer. LI LiquidStack Immersion-cooling specialist now spanning tanks and CDUs. MU Munters Air-handling and evaporative cooling for hyperscale halls. SU Submer European immersion-cooling maker for dense AI and edge compute.